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Tax Update: Reporting of U.S. Reportable Accounts Deadline and Compliance Requirements

On March 25, 2025, the General Department of Taxation (“GDT”) issued a notification reminding reporting financial institutions of their annual obligation to report U.S. Reportable Accounts for the year 2024 under the Foreign Account Tax Compliance Act (FATCA). The notification highlights the following points:

 

  1. Reporting Deadline: The deadline reporting financial institutions must submit the relevant data to the U.S. Internal Revenue Service (IRS) without any errors, no later than 30 June 2025.
  2. Reporting Method: Financial institutions are required to report the necessary information through the International Data Exchange Service (IDES) Gateway.
  3. Updated Encryption Credentials: Reporting entities must ensure the use of the latest HCTA Public Key and IRS Public Key, available for download at https://www.fatca.gov.
  4. Legal Consequences: Failure to comply with FATCA reporting obligations may result in penalties in accordance with Article 225 and 235 of Cambodian Law on Taxation and the FATCA agreement.

This tax update is brought to you by Davies SM Attorneys-at-law.

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